Economy Minister Tigran Davtyan says economic year may be considered succeeded.

The Minister of Economy of Armenia Tigran Davtyan stated in today’s press conference that in 2011 remarkable achievements were made in economy. Growth was reported in all the spheres except construction. 

The Minister says this growth is realistic, attaching importance to the increase in industries. According to him, the general economic activity index will amount to 5.5% this year. 

"Growth has been registered in the sphere of industry as well, it made 13-14% and the growth of investments made 24.2%. I think this fits Armenia, where industry has always been a priority," the minister stressed. Tigran Davtyan informed that 11 new industrial programs were fulfilled in 2011. AMD 53 billion was invested in this sphere and 2300 new jobs were created. 

As to the reason why the number of the poor increased if we reported growth in all the spheres of the economy, the Minister said that there is no contradiction and the fulfilled programs will produce their results later. "The reforms made in the economic system of the country create serious basis for the implementation of programs directed towards poverty reduction," he stressed.

"Economy is inertia system and gives result rather late and during the recent period the certain growth of the poverty index was agreed with the global economic crisis," the minister said. According to him, the country has enough economic resource to reduce poverty. In general, the Minister thinks the growth of poverty is the result of the global financial crisis. 

As for the soaring prices, the Minister thinks they have declined since the beginning of the year.

The Minister also highlighted that 15 % growth was expected in the sphere of tourism in the coming year, adding that for the development of the tourism sphere it was necessary to develop infrastructures.

"In Armenia we already have contemporary airport, international hotel brands. In the coming months their number will double," the minister said.

Tigran Davtyan also referred to the formation of free economic zones. "The government has already approved the necessary procedures. We have already received a number of proposals," Economy Minister said.